Oasis vs Old Mutual Albaraka vs Camissa: SA's Big Three Halal Equity Funds Head to Head

Three funds define South African halal equity investing: the Oasis Crescent Equity Fund (R6.4 billion), the Old Mutual Albaraka Equity Fund (R3.5 billion) and the Camissa Islamic Equity Fund (R3.45 billion). Each is a Shariah-screened, actively managed South African general equity portfolio. Each has a named scholar board. And they charge 2.04% to 2.36%, 1.29% to 1.75%, and 1.04% respectively for the privilege. This is the comparison that decides where most serious halal equity money in the country should go.

The case for Oasis: the record

Oasis Crescent launched the fund on 31 July 1998 as South Africa's first Shariah-compliant regulated collective investment scheme, and its since-inception arithmetic remains the best marketing halal investing has anywhere: 15.6% per annum to 31 March 2026 versus 11.8% for the average SA Shariah equity portfolio. R1 million at launch grew to R55.1 million. The house style is low-volatility: Oasis publishes a downside correlation of 59% over 128 bear months against 91% upside correlation over 203 bull months, meaning the fund historically lost far less in falling markets than it captured in rising ones. Governance is elite: Shaykh Nedham Yaqoobi, Shaykh Yusuf Talal DeLorenzo and Prof. Mohd Daud Bakar sign published annual compliance certificates.

The case against is price. A 2.04% TER on Class D (2.36% on Class A) plus performance fees is active-plus pricing, and over shorter recent windows the fund has sat mid-pack among general equity funds. You are paying roughly double Camissa's fee, every year, for the record and the board.

The case for Old Mutual Albaraka: the paper trail

Old Mutual Albaraka's Equity Fund is the oldest Islamic unit trust in South Africa, launched 1 June 1992 out of the joint venture between Old Mutual and Al Baraka Bank. Its edge is assurance depth no African fund matches: a named board (Shaykh MS Omar, Mufti Zubair Bayat, Mufti Shafique Jakhura) meeting quarterly, an external Shariah compliance audit, a signed annual AAOIFI certificate published openly (the 8 April 2026 certificate covers FY2025), and purification amounts disclosed on every distribution, paid to a board-elected charitable trust. Old Mutual has also noted that over 30% of its Shariah fund clients are not Muslim, which says something about the funds competing on investment merit.

Costs are fair rather than cheap: 1.29% on the platform B1 class, 1.75% on direct Class A, with a R10,000 direct lump-sum minimum that is the highest of the three. Performance tends to track the resource-tilted SA Shariah universe rather than shoot ahead of it.

The case for Camissa: the price of everything

Camissa (Kagiso until February 2022) charges 1.04% on the B class of its Islamic Equity Fund, roughly half the Oasis fee, for institutional-quality contrarian active management. The statement of intent is the benchmark: Camissa measures itself against the mean of all general equity funds, not just Shariah peers. The board (Mufti Zubair Bayat, Mufti Ahmed Suliman, Maulana Muhammed Carr) is printed on every fund document, applying AAOIFI standards with zero interest-bearing instruments permitted. Seventeen years of continuous operation and R3.45 billion in assets confirm the market has noticed.

The soft spot is disclosure depth: unlike Old Mutual Albaraka, Camissa does not publish a signed annual Shariah certificate or external Shariah audit on its public pages, so strict investors should request the certificate directly. The contrarian process also means real deviation from peers, which demands patience in momentum markets.

Side by side

• Track record: Oasis (1998, 15.6% pa published) beats Albaraka (1992, solid) and Camissa (2009, strong recent).
• Fees: Camissa 1.04% beats Albaraka B1 1.29% beats Oasis 2.04% to 2.36% plus performance fees.
• Governance disclosure: Albaraka (external audit, published certificate, per-distribution purification) beats Oasis (published certificates, elite board) beats Camissa (named board, certificates on request).
• Minimums: Oasis R2,000 lump sum or R500 monthly; Camissa R5,000 or R500 monthly; Albaraka R10,000 or R500 monthly.
• All three: nationwide, Regulation 28-adjacent siblings for retirement money, and A grades on our Halal Money Index.

The verdict

For most new halal equity money, Camissa is the rational default: the fee gap compounds relentlessly, and the governance gap is a disclosure issue rather than a compliance one, closable with one email requesting the certificate. Choose Old Mutual Albaraka if verifiable, audited compliance is your first criterion; nothing else in Africa matches its paper trail. Choose Oasis if you want the multi-decade record and the most famous scholar bench in the market, and accept that you are paying a pedigree premium that recent performance has not always justified. And whichever you choose, remember the passive alternative: the Satrix Shari'ah Top 40 ETF at 0.40% pairs well with any of them. All three providers are graded on the Halal Money Index.

Quick answers

What is the cheapest halal equity exposure?

The Satrix Shari'ah Top 40 ETF at 0.40%, accepting index concentration and no fund-level board. Among active funds, Camissa Islamic Equity at 1.04% is the value benchmark; Sentio's 1.21% buys style diversification; Oasis's 2.04% to 2.36% buys the longest record and strongest governance.

Do these funds count for my retirement annuity?

Not alone: pure equity breaches Regulation 28's 75% equity cap. RAs use the balanced versions of the same houses' ranges. Equity funds belong in discretionary portfolios and TFSAs, where no prudential caps apply and long horizons suit the volatility.